Apple Inc.’s market capitalisation exceeded the $5 trillion mark for the first time during trading on Tuesday.
The company’s share price rose by 1.8 per cent compared with the previous session’s close, reaching $342.89, giving Apple a market capitalisation of over $5 trillion. However, the shares quickly retreated: as of 17:00, they were up by 0.2%.
If the share price exceeds $340.43 at the close of trading, the company will end the session with a market capitalisation of $5 trillion for the first time, notes Bloomberg.
On Tuesday, Apple announced the launch of a device rental programme in the US in partnership with fintech company Klarna.
Apple is only the second company ever to have a market capitalisation exceeding $5 trillion. Nvidia Corp.’s market capitalisation rose to a record $5.7 trillion on 14 May, but has since fallen by nearly $1 trillion.
Apple is currently the largest company on the S&P 500 index.